Deutsche Bank Announces Expiration and Final Results of Exchange
Offer and Cash Tender Offer for Its Outstanding 4.25% Senior Notes Due
2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN OR INTO ANY JURISDICTION INTO WHICH SUCH DISTRIBUTION WOULD BE
UNLAWFUL. THIS NOTICE IS FOR INFORMATION ONLY AND IS NOT AN OFFER TO
EXCHANGE, PURCHASE OR SELL SECURITIES. THE EXCHANGE OFFER AND THE TENDER
OFFER DISCUSSED BELOW WERE MADE SOLELY PURSUANT TO THE RESPECTIVE OFFER
DOCUMENTS.

May 17, 2017 10:23 AM Eastern Daylight Time

FRANKFURT, Germany--(BUSINESS WIRE)--Deutsche Bank Aktiengesellschaft (XETRA: DBKGn.DE / NYSE: DB) (“Deutsche
Bank”) announced today the expiration as of 11:59 p.m., New York City
time, on May 16, 2017, of the previously announced offer to exchange up
to $4,500,000,000 aggregate principal amount of its outstanding 4.25%
Senior Notes due 2021 (the “Original Notes”) for a like principal amount
of its 4.25% Eligible Liabilities Senior Notes due 2021 (the “Exchange
Notes”) that are registered under the U.S. Securities Act of 1933, as
amended (the “Exchange Offer”). $3,644,873,000 of aggregate principal
amount of Original Notes were validly tendered and accepted for exchange
into Exchange Notes.

Deutsche Bank also announced the expiration as of 11:59 p.m., New York
City time, on May 16, 2017, of the previously announced offer to
purchase up to $1,000,000,000 aggregate principal amount of the Original
Notes for cash (the “Tender Offer”). $673,305,000 of aggregate principal
amount of Original Notes were validly tendered and accepted for purchase
in the Tender Offer.

Deutsche Bank had launched the Tender Offer and Exchange Offer on
April 19, 2017. On May 18, 2017, Deutsche Bank expects to issue the
Exchange Notes and to settle the purchases of any Original Notes
purchased in the Tender Offer that have not yet been settled.

Deutsche Bank’s affiliate, Deutsche Bank Securities Inc., served as
Dealer Manager in connection with the Exchange Offer and Tender Offer,
and Global Bondholder Services Corporation served as Exchange Agent and
Information Agent for the Exchange Offer and as Tender Agent and
Information Agent for the Tender Offer.

THIS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER OR
SOLICITATION TO EXCHANGE OR PURCHASE ORIGINAL NOTES. THE EXCHANGE OFFER
AND TENDER OFFER WERE MADE SOLELY PURSUANT TO THE OFFER DOCUMENTS, WHICH
SET FORTH THE COMPLETE TERMS OF THE EXCHANGE OFFER AND TENDER OFFER.

NONE OF DEUTSCHE BANK AG, THE EXCHANGE AGENT, THE INFORMATION AGENT, THE
TENDER AGENT OR THE DEALER MANAGER EXPRESSED ANY OPINION AS TO WHETHER
THE TERMS OF THE EXCHANGE OFFER AND TENDER OFFER WERE FAIR. NONE OF
DEUTSCHE BANK AG, THE EXCHANGE AGENT, THE INFORMATION AGENT, THE TENDER
AGENT OR THE DEALER MANAGER MADE ANY RECOMMENDATION THAT HOLDERS TENDER
THEIR ORIGINAL NOTES OR REFRAIN FROM DOING SO PURSUANT TO THE EXCHANGE
OFFER OR TENDER OFFER, AND NO ONE WAS OR IS AUTHORIZED BY ANY OF THEM TO
MAKE ANY SUCH RECOMMENDATION.

This release contains forward-looking statements. Forward-looking
statements are statements that are not historical facts; they include
statements about our beliefs and expectations and the assumptions
underlying them. These statements are based on plans, estimates and
projections as they are currently available to the management of
Deutsche Bank. Forward-looking statements therefore speak only as of the
date they are made, and Deutsche Bank undertakes no obligation to update
publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and
uncertainties. A number of important factors could therefore cause
actual results to differ materially from those contained in any
forward-looking statement. Such factors include the conditions in the
financial markets in Germany, in Europe, in the United States and
elsewhere from which Deutsche Bank derives a substantial portion of its
revenues and in which it holds a substantial portion of its assets, the
development of asset prices and market volatility, potential defaults of
borrowers or trading counterparties, the implementation of its strategic
initiatives, the reliability of its risk management policies, procedures
and methods, and other risks referenced in Deutsche Bank’s filings with
the U.S. Securities and Exchange Commission. Such factors are described
in detail in Deutsche Bank’s SEC Form 20-F of March 20, 2017 under the
heading “Risk Factors”. Copies of this document are readily available
upon request or can be downloaded from www.db.com/ir.